The Walt Disney Company today named Bob Chapek as its new CEO, succeeding Bob Iger, who will remain chairman of the world’s largest entertainment company.

Chapek, who led the company’s theme parks and consumer products businesses, takes over immediately, according to a statement issued Tuesday. Iger will continue to direct the company’s creative endeavors through 2021.

The appointment ends years of speculation over who would succeed Disney’s widely respected CEO. Iger steered the company through several multibillion-dollar acquisitions, including the $71 billion takeover of Fox’s entertainment assets last year.

This is a developing story; we’ll update this post with more information as it becomes available.

—Bloomberg News